Withholding Tax Support to Turkish Lira Deposits Has Been Extended

Withholding tax support for TL deposits, which is expected to end on May 31, will continue in June and July.

Withholding tax support to Turkish Lira deposits has been extended. It was decided to extend the withholding tax reduction period for two more months for Turkish lira deposits, which was implemented in order to protect the value of the Turkish lira, to ensure that savings are kept in deposit and participation accounts opened in Turkish lira. According to the Presidential decision published in the duplicate issue of the Official Gazette dated June 1, the incentive, which was expected to expire on May 31, was extended until July 31. The application, which was introduced for 3 months in September 2020, was extended for another 3 months in December 2020. In March 2021, when the regulation will end, it was decided that the withholding tax reductions would continue for 2 more months. Thus, withholding support on deposits was extended for the third time.